IRB Infrastructure Developers announced that its wholly owned subsidiary Kishangarh Gulabpura Tollway has achieved financial closure in terms of the concession agreement executed with NHAI, by tying up of the project finance of Rs 10.20 billion.

The total cost of the project is Rs 15.26 billion, out of which equity contribution / internal accrual by the company will be Rs 5.06 billion and remaining will be funded through project finance of Rs 10.20 billion.

The project involves Six Laning of Kishangarh to Gulabpura Section of NH 79A and NH 79 in the state of Rajasthan (length 90.000 km) on DBFOT (Toll) mode, under NHDP Phase-Y Package-l (the Project). The concession period of the Project is 20 years including construction period of 910 days.

Shares of the company declined Rs 0.45, or 0.2%, to trade at Rs 226.80. The total volume of shares traded was 45,846 at the BSE (10.00 a.m., Wednesday).